A competitor is not an enemy. In fact, it’s a kind of a friend because they will help you growing your business.
What is a competitor? The definition is “A person or organization against whom one is competing.” I do not agree with the word “against”, for me, it’s “by your side”. Of course, not directly, they’re not your colleagues, but your have so many things in common that, it’s more side by side than against.
First, competition leads to challenges. You’ll have to challenge your company, co-workers and yourself to be better than your competitors, and this is a good thing. Facing a challenge is good for your mental health, productivity and ingenuity.
Second, if you were there first, the new challenger/competitor will give you nightmares because you know that they’re coming with new and fresh ideas, so, it’s time for you to break things in the company for the good, redo a counsel or plan to avoid drowing.
Third, if they were there first, you know that the market already exists and all your competitors are actually sharing the potentials clients. You won’t raise your business by converting new people, you’ll pick on your competitors plate! Of course you will. And just for that, you can thank them, they are feeding you!
Yes, you have to be better than them, this is the challenge! But the door is open now, you should do your best to get the clients from your competitors.
Fourth, they will improve themselves, improve their services, their products. You can do the same, copy them but do better, not just copy to copy. They had the idea, they did it, now, you also “got the idea” right?
Fifth, because of the 4 first points, you should never do bad talk about them, a contrario, talk about them in good. You know, you have many chances to meet them one day and they will remember you if you did bad talk, but also if you did good ones.
Having a good relationship with your competitors is a good thing to do. Never say to someone “Ho, this one … don’t trust their products, our are just better”, avoid that. Congratulate them in public with honesty, congratulate then choices of these people who choose that competitor and not you, then, ask them what this competitor can do to improve itself and use the answer for you.
If you start to say that this competitor is not a good choice, you’re actually judging this person, they will feel like their choice is bad, and nobody want to hear someone saying “you made a bad choice”, your brain hates to decide, so, you’ll create a wall between you and them.
A competitor is not a friend, but you can earn more and more money thanks to him.